How Bad Credit Can Affect Your Children’s Lives

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By: Mike Randall

Posted: July 10, 2013

Experts share their tips and advice daily on BadCredit.org, helping subprime consumers navigate the world of personal finance.

Having bad credit can make so many things in your life more difficult and more expensive. Your credit score is used to determine everything from what interest rate you pay to whether you get that job you applied for.

But even more important than those things is the effect your bad credit can have on your children and their quality of life.

As they apply for student loans, need a co-signer for their first car or anything that depends on your credit, they will be out of luck. Even establishing their own credit will be difficult without you to help them get started.

There are even more ways bad credit can affect your children’s lives — but you don’t have to let it.

The best gift you can give to your kids is the gift of responsible financial management. Teach them the right way to deal with credit by demonstrating how you are getting your own finances in order.

Tell them the causes and effects of having bad credit. By doing this, you can begin to turn a bad situation into a positive life lesson for them.

Mike Randall is most knowledgeable in the areas of credit scores and credit cards, having written on those topics and others for the past eight years. He graduated from California State University with a degree in English literature, and he has an extensive background in personal finance studies. When he's not keeping BadCredit.org readers informed of changes in the subprime market, Mike’s hobbies include sailing and gourmet cooking. Connect with Mike on Google+.

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